Human Resource Services
Comparison of UF Retirement Plans offered by the state
Download the brochure from the Florida Retirement System
|
FRS Pension Plan |
FRS Investment Plan |
State University System Optional Retirement Program (SUSORP) |
Type of Plan |
Defined Benefit Plan |
Defined Contribution Plan |
Defined Contribution 403(b) Plan |
Vesting |
6 years |
1 year (new hire) |
Immediate |
Eligibility |
USPS, TEAMS-U (former USPS), TEAMS-A (former A&P), Academic Personnel |
USPS, TEAMS-A (former A&P), TEAMS-U (former USPS), Academic Personnel |
Academic Personnel and TEAMS-A (former A&P) |
Employer Contribution |
Employer-paid |
9 percent of eligible gross salary (Regular Class) |
10.42 percent of eligible gross salary |
Providers |
Diversified mix of investment funds |
VALIC, ING, Jefferson National Life Insurance, MetLife, and TIAA-CREF |
|
Normal Retirement |
Age 62 (Regular Class) and vested or 30 years of service at any age |
Any age |
Separation and initiation of lifetime annuity income payments. May incur tax penalty prior to age 59 1/2. |
Benefit Formula |
(Length of service) x (1.6 percent) x (average of 5 years of earnings (high)) |
Account balance (adjusted for earnings and losses) |
Account balance (adjusted for earnings and losses) |
Deferred Retirement Option Program (DROP) |
Yes |
No |
No |
Portability |
No |
Yes |
Yes |
Cost of Living Adjustment (COLA) |
3 percent |
May elect payout option to include 3 percent COLA |
NA |
Early Retirement |
Yes--5 percent reduction for each year below age 62 |
May incur tax penalty prior to age 55 |
May incur tax penalty prior to age 55 |
Disability |
Yes |
Yes |
No |
Health Insurance Subsidy |
Yes |
Yes, for those age 62 with 6 years of service (Regular Class) or at any age after 30 years of service |
No |